Blockchain Innovations #3

Top 7 fascinating uses of Blockchain

Blockchain, the technology behind the Bitcoin and several other cryptocurrencies can be the next big thing, as per many Fintech gurus. Although, majority of the people currently think that blockchain can be just used for digital transactions, but there are many more exploits of blockchain. Cryptocurrencies are just a start for the blockchain. Pretty much every industry can be benefited by the Blockchain technology. Slowly but surely, the blockchain is getting into several major industries. In this article, you’re about to read about the 7 interesting uses of the Blockchain.

  • Riot Bitcoin:

This former biotech company became the first ever completely Blockchain based public stock after getting listed on the NASDAQ. RIOT is the ticker symbol of this stock. Riot bitcoin has re-branded itself from its former self, Bioptix. Currently, they’re not doing any research and development on the Blockchain, but they’re providing an opportunity for the people to invest in the blockchain ecosystem that’s based on Bitcoin and Ethereum. 

  • Bitpesa:

Africa being the least advanced segment of the world is not an unknown fact, especially financial wise. Most of the African trade is conducted through cash. Bitpesa, a new blockchain based company is trying to resolve the liquidity and money transfer fragmentation of the Africa. The Bitpesa application lets the users to carry out business throughout the Africa with the integrated forex payment features. 

  • Golem:

Miners contribute to the mining of cryptocurrencies by utilizing their computing power in the blockchain network. Computing power is in high demand for many industries. Golem is a blockchain-based company which connects the computing power to the people who’re in need of it. Golem has a large network of data centers and individual users who’re willing to offer their computing power in return for cryptocurrencies. 

  • Storj:

You must have been aware of the cloud storage systems, if you ever use Dropbox or Google drive. In the last decade, there’s been a massive increase in the cloud storage usage. Storj’s primary focus is to build and upgrade the cloud storage technology. Usually, most of the cloud storage services save the data in central servers which are heavily prone to cyber attacks. Storj aims to solve this problem by eliminating the central server concept by introducing the blockchain technology which is decentralized.

  • OpenBazaar:

You may have some funds in cryptocurrencies which you fail to use it in reality. Yes, that’s a major issue with the cryptocurrencies. Many people are stuck with their cryptocurrencies for not being usable practically. But, OpenBazaar aims to solve this problem. The OpenBazaar is a blockchain-backed marketplace that allows people to make purchases with their cryptocurrencies. You can buy a lot of things, rent an apartment or even buy a digital course with your cryptocurrencies. 

The above-mentioned uses are just a few examples of several blockchain uses. With time, the blockchain technology is set for much bigger applications in our lives.

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BlockChain Innovations #2

Beginners guide – What is Blockchain?

Everyone is talking about the Bitcoin and other cryptocurrencies. All the digital media delivering a lot of news telecasts about the cryptocurrencies. The whole world is hyped about the new breed of the currencies. But, only a few people are aware of the technology behind the cryptocurrencies. The technology which gave rise to the cryptocurrencies is none other than the Blockchain. Satoshi Nakamoto, an anonymous man created the Bitcoin, the world’s first cryptocurrency in the year 2008. 

Many people say that the blockchain is a technology that will impact our world as similar to the impact of internet on us. Fintech gurus predict that Blockchain is going to be the future of both the financial and technology industries. Even though, the blockchain technology was limited to the bitcoin in the beginning, gradually many other startups and some already established companies started implementing the block chain technology into their projects. Even some governments have realized the potential of blockchain, for which they’ve started appropriate departments to develop projects based on this disruptive technology. 

What exactly is the Blockchain?

In simple words, Blockchain can be defined as ‘distributed ledger technology’. For a better understanding, the Blockchain technology is somewhat similar to the Wikipedia. The entries of Wikipedia are controlled and maintained by the large network of contributors, but not by a single organization. In the same way, Blockchain works on the basis of peer-to-peer technology. There is no single entity controlling how the project works. The blockchain technology is backed by it’s distributed network. 

How transactions work on Blockchain?

The majority use of the blockchain technology currently is for the transactions of cryptocurrencies. Decentralization is the most important thing that blockchain brings to the table. In the blockchain technology, every user node updates the network periodically. This is what makes the blockchain all more interesting. The data for every transaction is downloaded to every participant of the blockchain network. 

When a new transaction needs to be happen, a complex problem is introduced to the network for which all the network users try to solve the problem with their computing power. Once the problem is solved by a user node, the transaction happens and the information is synced to everyone on the network, this information is known as a Block. So, the data goes to all the network users, which makes pay for the elimination of any potential fraud. 

What is Mining?

A lot of people misinterpret that the mining process is supposed to create new cryptos. But in reality, mining is the mechanism that helps the blockchain to be a decentralized security network. Mining is what validates every transaction and keeps the records on global decentralized ledger network. Miners are the people who solve the complex problems and contribute to the completion of a transaction. The solution that miners find for the complex mathematical problem is called ‘Proof-of-work’. For the work they’ve done, the miner who solves the problem successfully receives a reward.